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What is Bancor

What is Bancor

Bancor is a great project that was launched by the team of professionals in Tel Aviv. Bancor project was launched to solve one very poisonous problem for every company, that launch ICO today – token liquidity.

If you want to invest in any ICO, you now should just believe in the project, and that its creators will come to agreements with any exchanging platforms. Otherwise, you just will not change their tokens to any other currency.

Bancor solves this problem by adding specific reserved amount of money, that will be strictly connected to the special smart-contract.

Advantages of using Bancor

Smart tokens

Tokens, initiated on the Bancor network will automatically be transformed to so called Smart Tokens. This means that they will use the same algorithm for trading, as the main Bancor token. This tokens will be sellable all the time, straight after initial offering. Everytime any transaction with this token is made, it changes its price at the same moment.

Token Relay

This unique technology allows any other ERC20 based token be connected to the Bancor blockchain and immediately become a smart-token. So there is no need to connect to any exchange platform.

Automatic pricing

Smart tokens are built to be easily convertible. This can be achieved by the automatic bidding and control of the prices of the token. Every time somebody sells the token, its price go low, every time someone buys the token, it become more valuable. This mechanism is based on the simple mathematics and works fast and fluent. It regulates the price, according to the supply of the tokens and the reserved amount, fixed in smart contract.

Bancor definitions

Cryptoasset

Bancor has finished its ICO and launched its own token – BNT. It is in full mean cryptoasset, because it is cryptographically secure, has its price and can be stored or exchanget into another cryptoassets.

Exchange

BNT can be exchanged on different platforms, including BestRate.org. All this platforms are called Exchanges.

Node

Node is an important part of the network. This is the computer with the full copy of the blockchain on its disc. It processes transactions and watch for all users to not break the chain.

Market cap

Market capitalisation is the price of one coin, multiplied by the total number of coins. It usually comes in USD.

Bancor coin investment strategy

Bancor is definitely a project worth investing. Its coin BNT become one of the most popular on the market, and the abilities that it provides to other cryptoprojects are really valuable.

The most simple strategy will be to buy some BNT and wait some time for the project to launch all its features. Then the coin will definitely become more valuable on the market and you can fix your profits, exchanging it to other currencies, or fiat money via BestRate.org

Where to keep Bancor coins

Online wallets

As Bancor is kind of ERC20 token, you can hold them just as it were original Ethereum. There are plenty of wallets to use, but the developers of Bancor itself launched special wallet, with built-in converter functionality.

Hardware Wallets  

You can also use hardware wallets like Ledger or Trezor. They both can be successfully used to perform any transactions.